Banks & Investors behind the Global Coal Plant Pipeline 2019

Note: This research was done on the basis of the GCEL 2019. New finance data on ALL companies listed on the GCEL 2020 is underway. The update will be published in the first half of February 2021.

Despite global consensus about the need for a timely coal phase-out, new coal plants are still being planned or developed around the world. If built, these projects would add over 500 GW to the global coal plant fleet. Based on findings of the Global Energy Monitor, the 2019 GCEL identifies 258 Coal Plant Developers, with expansion plans of at least 300 MW. Over half of these companies are not traditional coal-based utilities, and are therefore often missed by financial institutions’ coal exclusion policies.

Together with our partners, Banktrack, Les Amis de la Terre, Re:common and RAN, Urgewald commissioned financial research by the Dutch research institute Profundo to identify the main financiers and investors of these Coal Plant Developers.

We found 505 global banks provided US$ 745 billion for expanding coal power companies through loans or underwriting services from 2017 – Q3 2019. And as of September 2019, 1922 investors are holding bonds and shares worth almost US$ 276 billion in coal plant developers.

Please browse the data below and find more information in our media briefing. A list of all Coal Plant Developers is available for download after login!

Detailed Methodology (PDF)


Choose Investor

Raiffeisen Bank International

Company Country of HQ Shareholding (Mio $) Bondholding (Mio $) Total (Mio $) Sort ascending
Larsen & Toubro India 10.63 10.63
Fortum Oyj Finland 2.37 6.19 8.56
Inter Rao Russia 8.45 8.45
Energa Poland 0.54 4.87 5.41
Tenaga Nasional Berhad (TNB) 5.16 5.16
Ayala Corporation 4.97 4.97
Genting Group 3.63 3.63
Tauron Polska Energia Poland 1.29 2.32 3.61
CLP Holdings Hong Kong 3.21 3.21
Vale 2.44 0.74 3.18
PLN (Persero) 2.41 2.41
POSCO South Korea 1.19 1.19
Rushydro Russia 1.02 1.02
Itochu Corporation Japan 0.90 0.90
AGC Japan 0.67 0.67
Eskom South Africa 0.60 0.60
AES Corporation United States 0.50 0.50
NTPC India 0.50 0.50
Polska Grupa Energetyczna (PGE) Poland 0.24 0.24
Korea Electric Power (KEPCO) 0.12 0.12
Adani Group India 0.05 0.05
Manila Electric Co (Meralco) 0.04 0.04
Formosa Plastics Group Taiwan 0.03 0.03
Opus Global Nyrt Hungary 0.00 0.00

TOTAL (in US$ million)

Shareholding: 47.44
Bondholding: 17.62
Total: 65.07